Octopus Ventures and Anthemis, along with angel investors Simon Murdoch and Charlie Songhurst, also participated in the round.

The cashflow management start-up will use the funds to expand the team, particularly within data science and engineering, alongside its sales and marketing capabilities.

It will also see former Silicon Valley Bank COO Bruce Morris joining the young firm's board.

Launched in October 2017, Fluidly's software uses AI and machine learning to automatically look into the financial future and spot cashflow trends, issues and opportunities.

The funds will help it realise a vision of creating a new category of ‘intelligent cashflow’, announced the company’s founder and CEO Caroline Plumb in a blog.

"It has been an incredibly exciting year for Fluidly," she said.

"We have experienced a phenomenal period of growth and this latest investment will enable us to scale the business even further.

"Cashflow forecasting and management is the key to financial decision-making – we're on a mission to help millions of business owners sleep better at night by giving them control, certainty and confidence in their financial future."

Hans Morris, managing partner at Nyca, added: "Cashflow management for SMEs is an area that is long overdue for the kind of innovation that Fluidly is providing, and we look forward to supporting them as they focus on new product development and expansion of their impressive customer base."

The company also closed a £2 million seed round led by Octopus Ventures in September last year.